Ann: Appendix 4E and Annual Report to Shareholders, page-27

Having one or two lawyers in each office all relying on offshore administration support isn’t going to be efficient. This is partly why their cost base is rising as their revenue does. Lawyers likely are doing a lot of non-billable work which is crimping revenue potential. I think there are some fundamental weaknesses in the operating model that are borne out in these latest results. Need to find a way to consolidate the growth they’ve had, bed that down and deliver some profit. This is not a tech start-up play with unlimited runway.